USD/CHF supported by 0.9191

The support at 0.9191 (weekly S1) was able to postpone the decline, but we remain bearish on the pair. There is a possibility of it bouncing off the falling support line at 0.9076, although a scenario of a drop down to 0.8952/30 and a subsequent recovery has a higher chance of occurring, considering that short-term technical studies are giving ‘sell' signals.

Even though on average in the SWFX market the Swiss Franc is less preferred (25%) than the Yen (28%), sentiment towards USD/CHF is not as bullish as towards USD/JPY, 70% of positions are currently long. Concerning orders, most (57%) of them are instructions to purchase the U.S. Dollar.